Mall developer Centennial enters into partnership with Lincoln Property
One of the nation’s most aggressive re-makers of regional malls and shopping centers has entered into a deal designed to speed its national expansion.
Dallas-based Centennial — whose properties included mixed-use centers such as The Summit at Fritz Farm in Kentucky and the Vancouver Mall in Washington — has accepted a strategic investment from Lincoln Property Company, a real estate services companies with 35 offices in the United States and Europe.
“Our companies have collaborated on several joint ventures over the last decade, and we have seen that Lincoln shares our vision for the future of retail real estate,” said Centennial’s founder and CEO Steven Levin. “By combining Centennial’s retail expertise with Lincoln’s experience in office, multi-family, and hotel, Centennial will be even better positioned to deliver the industry’s best playbook for acquiring, repositioning, and redeveloping thriving developments.”
This month, Centennial’s Promenade Saucon Valley center outside of Philadelphia placed No. 5 on Chain Store Age’s “Top 10 Retail Center Experiences” list for 2024.
Both companies will evaluate acquisition opportunities, with Centennial focused on retail tenant curations and increasing foot traffic. Lincoln brings to the party development expertise across all asset classes, along with acute local expertise gained from its wide range of national locations.
“We are excited to partner with Centennial, which has built an incredibly strong track record in large-format retail,” said Lincoln Co-CEO David Binswanger. “Our investment in Centennial’s future growth is synergistic with Lincoln’s own growth strategy and creates complementary development opportunities for both firms.”
In 2022, Centennial widened its open-air and mixed-use development presence with the acquisition of Alabama-based Bayer Properties. In Birmingham, Bayer transformed the former Pizitz department store building with luxury apartments and a food hall. On the city’s Rotary Trail, it turned a former steel processing plant into a center with shops and restaurants.
“By repurposing over-built and underperforming space with complementary non-retail uses such as multifamily, office, and hotels combined with restaurants, entertainment, and fitness — as well as art, music and open spaces — Centennial and Lincoln can deliver valuable destinations that will withstand time,” observed Centennial’s president Whitney Livingston.
